In reference to it’s latest circular dated Aug 6th, 2020, RBI has mandated certain process changes to the Current Account opening process in order to bring in more discipline in the market and to enable lenders to institute more stringent end-use monitoring.

RBI’s recommended measures bring in two important factors into play –

  1. Check if customer has any existing OD/CC borrower relationship with any bank 
  2. Assess consolidated credit exposure of borrower to banking system and allow opening of current accounts basis three exposure slabs conditional to RBI risk exposure guidelines as outlined in the circular
    1. < 5 Crores
    2. 5-50 Crores
    3. >50 Crores

In order to ensure compliance with RBI’s guidelines, banks need to institute certain technical changes to their digital account opening process. Banks also need to ensure cross-linkages with existing customer databases and risk platforms to ensure systems are up-to-date with borrower’s latest

How can Decimal Help?

At Decimal, we maintain a robust Digital Customer Onboarding Platform that captures all relevant data points during the customer onboarding journey in line with the regulatory compliance checklist. To ensure compliance with RBI’s latest measures, Decimal recommends the following changes –

  1. Capture Bureau Consent from customer to access customer’s bureau details and check for CC/OD holdings

  2. Our digital operations portal allows us to parse all obligations captured as part of bureau report and provide a consolidated output to the bank DVU/RCU for post-submission processing.

  3. Since bureau details might not capture the latest borrowings availed by borrower, bank users can capture CRILIC information and also add obligation line items directly to the applicant profile.

  4. Once all details have been captured, our platform will provide a consolidated obligations report through a customer one-view. Bank user can then take a call on whether to approve the application for account opening or reject as per RBI’s norms.

Decimal’s Customer Onboarding Platform already supports the above functions through it’s various services and modules. Using these, we believe banks can readily comply with RBI’s latest compliance norms through minimal technical changes and in the expedited timeline as mandated by RBI.

To know more about how we can help, contact us at –


Leave a Reply